boat sales

News
8:47 am
Tue August 7, 2012

MD Boat Excise Tax Could Be Hurting State Sales

The Maryland’s vessel excise tax of 5 percent of a boat’s value could be driving owners to other states like Delaware.

Brokers say that purchases lag in the state because residents go to tax-free Delaware or Virginia where the rate is only 2 percent with a $2-thousand cap.

The Salisbury Daily Times reports that the excise tax is becoming a key issue for the boating industry with some saying that it’s why Maryland did not enjoy a rebound in boat sales last year.

Maryland sales fell from $183 million in 2010 to $162 million last year.

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